Xiamen Jihong Technology (HKG:2603, SHE:002803) completed the placement of 9.4 million new H-shares at HK$12.24 each, raising net proceeds of about HK$112.8 million, according to a Monday Hong Kong bourse filing.

The placement shares represent about 12.1% of the company's issued H shares and nearly 2.1% of its enlarged issued share capital.

The shares were placed with no fewer than six independent placees.

Net proceeds will be used primarily to expand the company's cross-border social e-commerce business, optimize its FMCG paper packaging supply chain, and for general working capital.

Hong Kong-listed shares of the packaging and marketing services provider were up over 8% in recent trade.